ISLAMABAD: Government of Pakistan finance division has allowed the investors of Rs40,000 Prize Bonds (bearer) to register their bonds up to 31st March, 2020.
Economic Coordination Committee (ECC) has decided that holders of bearer prize bonds of R 40,000 denomination can opt for any of the following opportunities to convert their bonds:-
Conversion of Rs40, 0000 bearer bond to Premium Prize Bonds (Registered):
Rs40,000 Bearer Prize Bonds can be converted to Premium Prize Bonds (Registered) through 16 field offices of SBP Banking Services Corporation, and authorized branches of six commercial banks i.e. National Bank of Pakistan, United Bank Limited , MCB Bank Limited, Allied Bank Limited, Habib Bank Limited and Bank Alfalah Limited.
Conversion of Rs40,000 Bearer Bond to Special Savings Certificates (SSC) / Defence Savings Certificates.
Rs 40,000 Bearer Prize Bonds holder can avail the opportunity to replace the bonds with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers. Rate of return on DSC and SSC are very attractive. Currently, annual rate of return on DSC is 12.47 pc whereas annual (average) rate of return on SSC is 11.57 pc.
Cash payment against encashment of Rs. 40,000 Bearer Bonds in bond holder’s bank account:
In case the bond holder desires to en-cash the bond, the encashment proceeds would be credited to the specified bank account of the holder. In this context, SBP as well as all the banks would extend their maximum support to make sure the transfer of payments to respective account of the holder.
Furthermore, it is reiterated the Rs. 40,000 prize bonds (bearer) need to be registered Up to 31st March, 2020 and any of the aforementioned opportunities can be availed for the purpose. It is clarified that the investment of the bond holder is safe in any case.
ECC has further decided that no further prize bond draw of Rs40,000 shall be held. However, all the prize money claims on the already held draws shall be claimable within the period of six years from the date of respective draw, as per National Prize Bonds Rules, 1999.
Finance Division further informs that Rs. 40,000 Premium Prize Bond (registered) has already been launched w.e.f. March 10, 2017. Registered Prize Bonds offer not only attractive prizes through quarterly draws but also pay reasonable profit through biannual coupon payments. All the payments are made to investor’s bank account through an automated system.
Further, prizes on Rs40,000 Premium Prize Bonds (registered) are more attractive compared to bearer bonds. The registered bonds are secure and not prone to forgery and theft. Finance Division has already discontinued the fresh issuance of Rs. 40,000 bearer bonds w.e.f. February 14, 2019.
It is further clarified that issuance, encashment and prize bond draws etc. in respect of all other denominations of bearer prize bonds shall continue as per exiting procedure, according to National Prize Bonds Rules, 1999.